Will COVID-19 change where people choose to live?

The pandemic might completely overturn recent trends.

Friends and Clients — The coronavirus pandemic is sure to have long-reaching consequences—some of which might surprise you. For example, the pandemic might completely overturn recent trends of where people choose to live. For the past three decades, people have increasingly preferred cities to suburbs. In fact, according to a recent study, each new generation of young people has been more and more likely to move to cities. Many stayed on in cities, even after getting married and having a family. Post coronavirus, that may well change. One obvious reason is health. Urban areas are more crowded with more inevitable interaction and possible exposure to viruses. Another reason is that shelter-in-place orders can be harder to bear in an urban apartment. By comparison, a house in the suburbs can offer more space, a backyard, and easier access to areas for biking, jogging, and spending time safely outdoors. Finally, workplaces are changing. Many people will continue to work from home after the pandemic passes. Along with the dropping cost of gas, this makes long commutes a much smaller issue. Unsurprisingly, a Harris poll performed on April 25 through April 27 found 46% of city dwellers are considering a move. This compares to 26% in the suburbs and 21% in rural areas. Home sales were still strong in March (7185 Home Sold in Maricopa County) and demand is extremely strong with both Maricopa County buyers and buyers coming in from out of state.  Our Team has experienced increased traffic to our listing and buyer inquires.  The Monique Walker Team had their best selling month in May so we can definitely vouch for increased activity. Of course, the pandemic is still ongoing. I hope this information will be useful in case you were thinking of buying or selling a home before the pandemic arrived—or now that it's here. If you are interested in buying a home, you can see the complete Phoenix listing of available homes here: Click here for all available Phoenix homes for sale If you've been thinking of selling your home, I can tell you demand is still very strong. In case you want to get an idea of what your home could sell for, take a look at this calculator which takes into account recent Phoenix sales: Enter your address here to find out what your home is currently worth As I said, the pandemic is sure to have long-term consequences. The situation is changing day by day, but I stay on top of local Phoenix market conditions and trends. I can help you make a smart decision given your particular situation. So if you have any questions—if you're buying, selling, or just looking for advice—give me a call at 602-413-8195. I'm here to help. Have a great day, Monique Walker RE/MAX Excalibur  Looking to buy a Phoenix Metro Market Home? Looking to sell your Phoenix Metro Market Home? Call me at (602) 413-8195 for a FREE home buying or selling consultation to answer any of your real estate questions. Tom Ross Bay Equity Home Loans (602) 791-5861 tross@bayeq.com Sincerely, Monique Walker RE/MAX Excalibur Phoenix, AZ Mobile: (602) 413-8195   Monique@MoniqueSells.com Monique Walker RE/MAX Excalibur 8510 E. Shea #100 Scottsdale, AZ 85260 Manage your preferences | Unsubscribe View this email online.

Breaking down reverse mortgages

Who should consider getting one?

How Reverse Mortgages Work What exactly are reverse mortgages, and who should consider getting one? Reverse mortgages are for homeowners who are at least 62 years old, have accrued a decent amount of equity (roughly 50%), and don't want to have a mortgage payment for the rest of their lives. There are a lot of misconceptions out there surrounding these types of home loans, including fears about selling the property once the loan holder passes, but Tom Ross of Bay Equity Home Loans joins me to address these matters. To learn more about this unique product, watch this short video. Watch Our Video ▶ Looking to buy a Phoenix Metro Market Home? Looking to sell your Phoenix Metro Market Home? Call me at (602) 413-8195 for a FREE home buying or selling consultation to answer any of your real estate questions. Tom Ross Bay Equity Home Loans (602) 791-5861 tross@bayeq.com Sincerely, Monique Walker RE/MAX Excalibur Phoenix, AZ Mobile: (602) 413-8195   Monique@MoniqueSells.com Monique Walker RE/MAX Excalibur 8510 E. Shea #100 Scottsdale, AZ 85260 Manage your preferences | Unsubscribe View this email online.

Is our market holding steady?

It's time for another quick market update.

Your March 2020 Market Update It's time for another quick market update, and today I'll compare the numbers from last March to those of March 2019. The number of sales was identical, but inventory dropped significantly. What does this mean if you're a seller? To find out, watch this short video. Watch Our Video ▶ Looking to buy a Phoenix Metro Market Home? Looking to sell your Phoenix Metro Market Home? Call me at (602) 413-8195 for a FREE home buying or selling consultation to answer any of your real estate questions. Tom Ross Bay Equity Home Loans (602) 791-5861 tross@bayeq.com Sincerely, Monique Walker RE/MAX Excalibur Phoenix, AZ Mobile: (602) 413-8195   Monique@MoniqueSells.com Monique Walker RE/MAX Excalibur 8510 E. Shea #100 Scottsdale, AZ 85260 Manage your preferences | Unsubscribe View this email online.

How coronavirus is affecting home buyers and sellers

My goal is to keep you informed.

Friends and Clients — I want to give you a balanced update on the Phoenix real estate situation. Of course, there's the elephant in the room: The coronavirus pandemic has had a massive effect on the entire economy, and that includes the real estate market. Health concerns and rules about social distancing have led some sellers to withdraw their homes from the market, and fewer buyers to schedule showings. The recent volatility in the stock market is causing additional trouble. And perhaps most importantly, there is the uncertainty about the future as the coronavirus situation plays out day by day. That's the bad news. The good news is that we are collectively beginning to adapt to this unprecedented situation in some encouraging ways. In the real estate market, many agents are starting to offer virtual showings to reduce person-to-person contact. This allows buyers to make a more informed decision about the property and whether to get out and go see it. Showings are still going on, just with much higher regard to safety and proper social distancing. And yes, even if we can't shake hands on it, homes around Phoenix are still being sold. In fact, some buyers are more eager to buy now than ever. That might sound surprising, but it's simple economics. The 30-year fixed mortgage rate recently hit 3.29%, the lowest on record since tracking started almost 50 years ago. This kind of low mortgage rate can take tens of thousands of dollars off the effective price of a property, once interest payments are factored in. The massive government stimulus package has given many people hope that the economic impact of coronavirus will be contained.  Finally, once we emerge from this situation, there is reason for optimism. Unlike previous drops in home sales, like during the subprime mortgage crisis, this is not expected to last nearly as long. Demand for housing was especially strong before the coronavirus hit, and much of this demand is still there. What is undeniable is that we are in a unique situation, and rules are changing each day. If I can help you in any way — whether with real estate advice or with anything else — give me a call at 602-413-8195 at any time. If the current situation is showing us anything, it's that we need to work to help each other however we can, and so I want you to know I'm here for you. Sincerely, Monique Walker RE/MAX Excalibur  Call me at (602) 413-8195 for a FREE home buying or selling consultation to answer any of your real estate questions. Tom Ross Bay Equity Home Loans (602) 791-5861 tross@bayeq.com Sincerely, Monique Walker RE/MAX Excalibur Phoenix, AZ Mobile: (602) 413-8195   Monique@MoniqueSells.com Monique Walker RE/MAX Excalibur 8510 E. Shea #100 Scottsdale, AZ 85260 Manage your preferences | Unsubscribe View this email online.